Gold collapsing. Bitcoin UP.

[AdrianX]

I recommend 101%.

The irony is it's always 100% of the network that follows those who violently choose to leave leave and the network carries on.

 

[adamstgbit]

I dont think we should be looking for what's the optimal amount of hashrate to fork with, that just silly, thats 101% ...
we need to think about what's the MINIMAL amount of hashrate to safely fork off with.

now i believe with a few extra rules thrown on top of the minning process to prevent an attacker from mining empty blocks and such, that minimal amount is like 1% or less...

for example, a new block could be orphaned right away if other miners dont have ~50% of the TX in that block already in there mem pool. how how how?? can an attacker do anything but produce valid blocks in that case?

 

[Richy_T]

Neat, maybe I'll find my old account . I forgot the nick, the mail address and the password.

Then sell it to spammers...

 

[VeritasSapere]

I have been absent from this forum for some time, it is good to see that the momentum is gaining, from BU getting funding, the concept of minority splits becoming more popularized, and the appearance of a new major pool supporting larger blocks.

It certainly has made me more bullish on Bitcoin making me adjust my ratios, however at this point admittedly I am more interested in the subsequent spin offs which will arise from the original genesis chain. Fortunately because of the nature of such forks all I have to do is hold since that way the users value is protected no matter what the outcome of this free competition will be.

@adamstgbit In regards to what the minimal amount of hash power for forking off with is, I reckon the two of us and another volunteer could fork off each using a normal CPU or GPU for mining, as long as we make a few small changes like you mentioned. Most small blockist would not even notice, it has been done on this forum before and the sky did not fall from the heavens. Even Ethereum is a positive example of this mechanism, investors did not even lose value if you consider the value of Ethereum Classic as well.

It has allowed the Ethereum community to split among ideological lines so that everyone can have the Ethereum they want, it is the best and most graceful solution, it is the essence of liberty itself, to allow and tolerate other peoples choices whether you agree with them or not. Bitcoin will split, I am certain of this, it is the best way forward. The small blockist can have their slow, expensive and restricted blockchain, while we continue with the original vision of Satoshi and build the blockchain of the future with unlimited possibility.

 

[Peter R]

I wanted to reiterate that all BU members are invited to the "Satoshi's Vision" conference in San Francisco on Sunday, September 25. We have highly discounted tickets available ($50) for BU members, which is significantly less than even the catering costs per person. I think this event will be productive, a great way to meet each other in person, and a lot of fun too.

 

[VeritasSapere]

@Peter R I have to admit I am very tempted, thinking about taking a flight over there, though not sure if I would be contributing that much, not being a computer scientist, coder or cryptographer myself. Would be interesting to see some of the ideas that will be bouncing around the first physical BU meetup though.

 

[AdrianX]

@Peter R I'd love to attend I won't be able to to give an answer until the 12th.

 

[Peter R]

Would be great to have you both there, @AdrianX and @VeritasSapere!

(Of course I understand the travel across the country is costly in terms of both money and time).

 

[cliff]

------------------------------------
Gold collapsing. Bitcoin UP!
-------------------------------------
BTC | XAU (spot) | COMEX CG1
$627.83| $1344.61| $1350.6
-------------------------------------
BTCswap(BFX) | BTCswap(Polo)
0.0317 % | 0.0639 %
-------------------------------------
HashRate: 1.61 EH/s
MarketCap: $9,951,078,004
-------------------------------------
GBTC | SPDR Gold Trust ETF
$94.99 | $128.32
-------------------------------------
10YR Treas| Copper | Crude (WTI)
1.55% | $209.5/lb | $46.41/barrel
-------------------------------------

• Complete this sentence: When these two lines next cross . . .
• Slow news cycle

///////////////////////////////////

• Satoshi’s Vision (Sept 25, 2016)
• Some Press Coverage (Bitcoin.com)

///////////////////////////////////

• Core’s most recent GitHub commit activity
• Bitcoin Unlimited’s most recent GitHub commit activity

///////////////////////////////////

• Britain is falling into denial about Brexit
  • “Hubristic denial is the order of the day. In any event, an argument about the immediate impact of the vote misses the point. The Brexiters now trumpeting a bright independent future see departure from the EU as an event. In truth it will be a long, tortuous process — a slow burn, if you like, with costs, economic and political, that will reach well into coming decades. To make such an obvious point is not to talk Britain down: the fact that things seem fine now says next to nothing about the consequences along the road.”

• European Central Bank Leaves All Three Rates Unchanged
  • Asset purchases will continue through March 2017
  • ECB Pres Draghi’s prepared statement
    • “[T]he economic recovery in the euro area is expected to be dampened by still subdued foreign demand, partly related to the uncertainties following the UK referendum outcome, the necessary balance sheet adjustments in a number of sectors and a sluggish pace of implementation of structural reforms. The risks to the euro area growth outlook remain tilted to the downside and relate mainly to the external environment.”

• Bank of England to let FinTech experimentation continue
• Oil Rises as Industry Data Signal Drop in U.S. Crude Stockpiles

-------------------------------------
H/T - Cipher

 

[satoshis_sockpuppet]

Looks like all the press about Bitcoin Unlimited makes people run BU nodes:

http://xtnodes.com/#bitcoin_unlimited

(still too few, but the trend is good )

 

[Mengerian]

I wanted to reiterate that all BU members are invited to the "Satoshi's Vision" conference in San Francisco on Sunday, September 25.

Cool, I will try to make it down!

 

[cliff]

-------------------------------------
Gold collapsing. Bitcoin UP!
-------------------------------------
BTC | XAU (spot) | COMEX CG1
$622.85| $1337.3 | $1341.3
-------------------------------------
BTCswap(BFX) | BTCswap(Polo)
0.0431 % | 0.0499 %
-------------------------------------
HashRate: 1.62 EH/s
MarketCap: $9,890,163,323
-------------------------------------
GBTC | SPDR Gold Trust ETF
$96.25 | $127.58
-------------------------------------
10YR Treas| Copper | Crude (WTI)
1.55% | $210/lb | $47.61/barrel
-------------------------------------
-------------------------------------

• In Global Banking, Apps and Security Don't Mix
• Philosophy of Social Robotics: Abundance Economics
• Coin Center takes Z-Cash donations
• There’s an analogy to be made in here somewhere: There Are No Truffles in Truffle Oil
• Are you a “Bitcoin Expert”?
  • Makes sense
  • So does this
  • And this? Maybe . . .
  • Some wisdom?

-------------------------------------
-------------------------------------

• Satoshi’s Vision (Sept 25, 2016)
• Some Press Coverage (Bitcoin.com)

-------------------------------------
-------------------------------------

• Core’s most recent GitHub commit activity
• Bitcoin Unlimited’s most recent GitHub commit activity

-------------------------------------
-------------------------------------

• Low Interest Rates may be the problem
• De-railed economy?
• I don’t like them Apples
• Deutsche Bank calls for reform of global financial messaging system SWIFT

-------------------------------------
-------------------------------------

Ahem

 

[freetrader]

From Cliff's cited Deutsche Bank / SWIFT reform article, quoting Deutsche Bank's Chief Information Security Officer Hinrich Voelcker:

If trust in this system breaks down we all have a problem

Guess he's right. Let's hope that the future will be more decentralized.

 

[Peter R]

Looks like my Core Slack account was disabled. It's interesting because I feel I was starting to make some progress in opening up communication over there.

I get the feeling that most of the Core people are actually fairly reasonable. It's just a small subset that is scared of open communication. That small subset claims to want to stop trolling, but that's not true; they like trolling. What they are fighting against is open and friendly communication, especially if people start agreeing with some of the "big block" views.

 

[cliff]

@Peter R - We can't have you disrupting the future truffle oil market (see link above from my prior post). /s/

Edit - I do agree w/ Peter that most Core contributors are fine/reasonable. I think the trolls are most likely fans/groupies than the actual devs.

 

[taxed4ever]

Everybody I speak to about the situation in Bitcoin and how BU can solve the problems says the same thing to me, along the lines of it is an excellent solution from intelligent people. This breaks down to math really, if everyone is told 3 sides of the story and they agree, we have a winner. This is really, really good.

I will keep on explaining the story to people I meet, baby steps

 

[freetrader]

Watch out, thread is in rBitcoin. I posted the extract because the commenter refutes the commonly made argument with good skill.

 

[cliff]

Holy crap:

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.

That's exactly what happened to Wells Fargo customers nationwide.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Wells Fargo confirmed . . . it had fired 5,300 employees related to the shady behavior . . . . Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.

. . . The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.

Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent . . . Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.​

[this is just the first part of the article]

 

[Bagatell]

@cliff

That many accounts, over that period of time means management was in on it. How many of those 5300 employees were top level staff?

 

[cliff]

I would say firing of 1% of your work force is an ever bigger tell RE: mgmt than the number of accounts. WellsFargo needs to clean house fast to save itself.